Home Improvement | Paint vs. Replace

https://youtu.be/7yCxSydOMu8

What's the Difference Between a Short Sale and Foreclosure?

Two options for homeowners who fall behind on mortgage payments are a short sale and foreclosure. While the prospect of losing a home is a hard reality that many people face, it's important to understand the difference between these two processes. How long do short sales and foreclosures take? Which is more detrimental to a borrower's credit? Let's discuss the details. What is a short sale? A short sale happens when the owner owes more on the mortgage than the market value of the property. During this process, they are essentially asking the lender to accept a lesser amount than the total it's owed. If the bank accepts the terms, the debt will be settled and the borrower released from any further liability once the short sale is closed, says Realtor® Paola Martinsen with Equity Real Estate in Murray, UT.

SPI Wahoo Classic

Friday, September 8, 2017 9:30am Sunday, September 10, 2017 5:30pm Jim's Pier South Padre Island, TX Don’t miss out on your chance to participate in the second annual South Padre Island Wahoo Classic. Fishing from Jim’s Pier, Anglers will compete in three categories: Wahoo, Black Fin Tuna, Dorado/Mahi Mahi. The Classic features $15,000 in cash prizes for the top three competitors. The Gulf comes alive during September and October, so come join us during the best fishing weather of the year. Source:: http://www.sopadre.com/wp-content/uploads/2016/07/WAHOO-CLASSIC-Online-Registration1.pdf

Can I keep the lighting fixture when my house sells?

There's a chandelier in my entryway that I don't want to sell with my house. How do I make sure it's excluded from the sale? The Texas Real Estate Commission sales contract says that permanently installed and built-in items, including lighting fixtures, go with the property. So, you have two options if you want to take the chandelier with you: Take it down before showing the house, so potential buyers don’t assume it comes with the property. Tell potential buyers during negotiations that the chandelier will be removed, and list it as an excluded item in the sales contract. Ask your Texas REALTOR® about the best way to accomplish this.

For Sale: 17 Hacienda Laguna Vista, TX

This gorgeous 3/2 Hacienda really stands out! Relax in the screened in patio which overlooks the 9th Fairway with views of the lake. Granite counter tops in the kitchen and bathrooms, slate flooring and carpeted bedrooms, stainless steel appliances, 2 car garage with golf cart..this home has it all! Located a short 15 minute drive to South Padre Island. Offered fully furnished! More Information

Keep these money-saving homeownership benefits in mind during tax season.

https://youtu.be/Zx1rkx8BGSQ

FSBO Risks: 4 Scary Scenarios 'For Sale by Owner' Home Sellers Face

Going the "For Sale by Owner" route is a tempting alternative to hiring a real estate agent to sell your home. After all, listing agents charge a commission for their work that can eat into your own profits. So why not try to save money by selling your home yourself? Here's why: There are some major risks with going FSBO, from a lower sales price to landing in legal hot water. So before you pursue this DIY route, here's a warning of some of the bad things you might encounter when you attempt a FSBO arrangement. 1. Your listing won't be seen by many buyers One key thing a real estate agent will do for you is create an eye-catching ad for your home, with attractive photos and a winning description that will reel in buyers (by, say, playing up those hardwood floors and granite countertops). Sure, you can probably cobble together your own ad, but there's one thing you absolutely can't do if you go FSBO: Post that ad on the multiple listing service. Real estate agents pay to put their listings on the MLS, which is then distributed far and wide, including to sites such as realtor.com®. Which is great, since that way you know your home can be seen by thousands of potential buyers and their agents. With FSBO, however, your home won't go on the MLS; instead, it'll go on sites that cater to FSBO listings, which get far less traffic. “There are thousands of agents trying to sell your house when it's on the MLS, but when you do it alone, only one person is trying to sell your house—you,” notes Realtor® Denise Briez with Pro100 in Neosho, MO. 2. Your home could sell for a much lower price Pricing a home can be far more challenging than most newbies assume. The majority of sellers price their home based on emotions, or what they hope it should sell for in some dreamy best-case scenario. “Often the seller is too personally invested in the situation and too close to be objective,” says John Powell, chief development officer at Help-U-Sell Real Estate in Tucson, AZ. But buyers want a bargain, and they know when a place is overpriced. As such, listings with bloated prices tend to sit—and sit—on the market. Even if you eventually lower the price, buyers are likely to wonder at that point if there’s something wrong with your house since it's languished on the market so long. A real estate agent, by contrast, will provide an accurate home value based on a solid market analysis, plus serve as a buffer between you and buyers to facilitate successful negotiations and a resolution both parties can live with. This, in turn, means you can earn top dollar for your home—which means your agent will likely earn every penny he's paid. 3. You could run into legal trouble Selling a home is fraught with legal pitfalls that only a real estate agent will know. As such, when you choose the FSBO route, you could do something that skirts the law but not even know it. "There are a lot of potential legal problems that can arise during home selling," says David Welch, a Realtor with Re/Max 200 Realty in Winter Park, FL. "I would say disclosure requirements may be your most likely issue. Most states, maybe all of them, have requirements involving seller's disclosure of defects in the property." Disclosure requirements vary by state, but might include information on lead-based paint, nearby environmental hazards or sex offenders, and even whether someone died in the house. If you know of such info but keep mum, you could be committing a prosecutable offense and have one highly irate buyer on your hands to boot. 4. You might end up with a buyer who doesn’t pan out Even if your FSBO listing gets an offer that you accept, you're not out of the woods quite yet. For one, buyers fall through or back out for all sorts of reasons. For instance, you might inadvertently choose a buyer who can’t get a loan, which means you’ll have to start back at square one. A real estate agent will be your ally in confirming a buyer is pre-approved for the correct loan amount, and then will ensure there is an airtight contract in place so the entire process will proceed smoothly. Due to the risks of FSBO homes, many sellers eventually realize they can’t afford to not hire a real estate agent. So make sure to weigh the FSBO trade-offs against your money, time, and peace of mind.

SPI provides database of registered short-term rental properties

Why Do So Many People Who Sell Their Homes Themselves Decide Not To Do It Again?

Have you ever taken on a project that looked easy until you actually did the work? It seems selling your home without a real estate agent fits that description. Ten percent of homesellers in the U.S. were FSBOs (for sale by owner) in 2012, according to a National Association of REALTORS® survey. Approximately half of those selling on their own already knew the person buying their home. Of sellers who knew the buyer, only 23% said they would sell their next home without an agent, too. Less than half of the sellers who didn’t know the buyer plan to sell on their own in the future. The survey does not get into the reasons why, but I have a few theories: Figuring out the right price takes research and experience. Overpriced homes can remain on the market a long time, often selling for less than if they had been correctly priced in the first place. And underpricing? You don’t need an explanation why that’s a problem. Showing a home to every interested buyer is time-consuming. And you don’t want to show the home to people who can’t afford it or, worse, have criminal intentions. Real estate transactions are complex. You must negotiate stacks of legal documents and take care of details with many different service providers. Making a mistake in a home sale can lead to delays, unsuccessful transactions, and legal trouble. Many people find negotiating difficult and/or uncomfortable. If you’re thinking of selling your home without a Texas REALTOR®, make sure you understand what’s involved. You may decide you want to proceed. Or, you might decide that hiring a professional will save you time, reduce your stress, and help you avoid hassles.

12th Annual DHR “Fishing For Hope” Tournament

Doctors Hospital at Renaissance is pleased to announce its 12th Annual “Fishing for Hope” Tournament, which will be held Saturday, August 26, 2017 at Louie’s Backyard on South Padre Island, Texas. Now the largest non-profit fishing tournament on the Texas coast, “Fishing for Hope” is a family-friendly and fun event for people of all ages. This year’s tournament will feature a live concert, dinner, the legendary stars auction, and much more! All proceeds from “Fishing for Hope” will once again benefit the Hope Family Health Center. Hope Family Health Center (HFHC) is located in McAllen and is run by local volunteer physicians and staff, all of which provide their time and services without charge. HFHC provides free health services in an open and accepting atmosphere to all persons living in the Rio Grande Valley who are without access to health care or medical insurance. Through its partnership with Doctors Hospital at Renaissance, the Hope Family Health Center was able to provide medical and mental health services for over 9,202 unfunded patients in 2016. To learn more about the “Fishing for Hope” Tournament or to register your team, call (956) 362-3140 or click the link below REGISTRATION

A Cautionary Tale for Sellers Who Don’t Disclose

My friends recently surprised me when they found a home they loved within days of beginning their home search. They live in a hot market, so they didn’t waste any time putting in an offer. This house has an addition my friends like, but their inspector pointed out some serious flaws with it that a structural engineer would need to address. Pushing further, my friends found out that the sellers knew about these problems and hadn’t disclosed them. At this point, my friends had potential recourse against the sellers. If a seller fails to make proper disclosures in a transaction, a buyer might be able to stop the transaction, or even sue the seller for damages. It’s serious stuff that the sellers could’ve avoided if they’d just disclosed the facts. You may be wondering what I mean when I say “disclose the facts.” As a seller, you’re legally obligated under the Texas Deceptive Trade Practices Act to disclose known material problems with your property to potential buyers, like structurally flawed additions. Additionally, for residential real property of not more than one dwelling unit, a seller is required to fill out a seller’s disclosure form, which your Texas REALTOR® can provide to you. Disclosure is an important step in your home-selling process that can save—or cost you—thousands of dollars. Make sure you talk to your Texas REALTOR® about this important legal obligation.

What Is an Exclusive Agency Listing?

Becoming exclusive with a real estate agent is similar to going steady—you make an agreement to stick with the same person. When you sign an agreement with one sole real estate agent to sell your house, your property is considered an exclusive agency listing. Your broker will have the right to sell the home for a specific, mutually agreed-upon amount of time and compensation. “The word 'exclusive' makes it seem limited, but it is actually the opposite,” says Ashlie Roberson, a real estate agent at TripleMint, a New York City brokerage. “Exclusives can get you more exposure, thus more possible offers." Exclusive agreements can say anything, and time and compensation are not set in stone. Many agents will ask for a six-month exclusive, but if you're in a seller’s market with low housing inventory, agents might be more willing to take a shorter exclusive. That said, there are two different primary types of exclusive listing agreements: the exclusive right-to-sell agreement and the exclusive agency agreement. Exclusive right-to-sell agreement By signing an exclusive right-to-sell agreement, a seller agrees to compensate the listing agent who finds a buyer, "regardless of whether the property is sold through the efforts of the listing broker, the seller, or anyone else," according to the National Association of Realtors®. The only exception to the seller having to pay commission? If an individual is named as an exemption in the listing agreement and if the house is sold to this person, the seller does not have to pay commission to the listing broker. For example, let's say the seller lists a niece as an exemption and this niece ends up buying the house, the seller is not obligated to pay the listing agent commission. “The exclusive right-to-sell was intended to provide compensation to the listing firm if ‘anyone’ produces a ready, willing, and able buyer,” says Nana Smith, a Fairfield County, CT, real estate agent. “This anyone could include the seller finding his own buyer for the property.” Exclusive agency agreement In this type of agreement, the seller agrees to pay the listing agent if the house is sold through the efforts of any real estate broker. However, if the home sells solely through the efforts of the seller, then the seller is not on the hook to pay commission to the listing broker. Should your home be an exclusive listing? At face value, signing any type of exclusive agreement might sound limiting to a seller. But agents will tell you that signing an exclusive can sometimes be akin to letting a racehorse run free. When agents know a listing is exclusively theirs, they will give it everything they've got to sell the property. That could mean syndicating the listing to the entire broker community, spending money on marketing, or hosting a wine-and-cheese broker open house. Before signing, read your exclusive agreement to make sure it has a cancellation or termination clause that lets you end the agreement if you take the property off the market or just aren’t satisfied with the job your agent is doing. Some agreements require the seller to pay a “buy-out” fee or compensate the broker for out-of-pocket marketing expenses. Bottom line: Make sure you understand the exclusive contract you sign, and don’t sign an agreement that doesn’t suit your needs.